Powered BY Cobalt … Driven BY Demand Global Energy Metals Announces Cancellation and Grant of Incentive Stock Options; Arranges Shares FOR Debt Settlement
TSX.V GEMC
www.globalenergymetals.com
Suite 1501,
Sun Tower
128 West Pender St. Vancou-
ver , BC
V6B 1R8
T +1.604.688.4219
Twitter @EnergyMetals
Powered by Cobalt … Driven by Demand
GLOBAL ENERGY METALS ANNOUNCES CANCELLATION AND
GRANT OF INCENTIVE STOCK OPTIONS; ARRANGES SHARES
FOR DEBT SETTLEMENT
Vancouver, BC / TheNewswire / November 20, 2020 / Global Energy
Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1
(“Global Energy Metals”, the “Company” and/or “GEMC”)
announces that the Company will cancel an aggregate of 480,647
incentive stock options (the "Cancelled Options") including those held
by certain directors, officers, advisors and consultants who have
agreed to voluntarily return these stock options to the Company.
The terms of Cancelled Options are as follows:
1 Takes into consideration a share consolidation of all the issued and
outstanding share capital on a 10 old for 1 new basis which took
effect August 25, 2020.
2 The exercise price and the number of Shares issuable under the
Company's outstanding stock options have been proportionately ad-
justed to reflect the Consolidation in accordance with the respective
terms thereof.
In addition to the cancellation of these options and pursuant to its
stock option plan, the Company has granted stock options to
directors, officers, advisors and consultants of the Company, in the
amount of 1,175,000 common shares, exercisable at $0.275 per share
for a period of five years vesting immediately.
Granting of the options is subject to TSX Venture Exchange approval.
Debt Settlement
The Company further announces that the board of directors has
approved the settlement of up to $76,180.45 of debt through the
issuance of common shares of the Company (the "Debt Settlement").
Number of
Cancelled
Options1
Original Date of
Grant
Expiry Date Exercise
Price2
266,189 3-Oct-2016 2-Oct-2026 $1.50
87,613 31-May-2017 30-May-2027 $2.00
101,845 12-June-2018 11-June-2028 $1.50
25,000 30-April-2019 29-April-2024 $1.00
Pursuant to the Debt Settlement, the Company would issue up to
277,020 common shares of the Company at a deemed price of $0.275
per share to certain creditors of the Company, including certain of its
directors, officers and consultants (the "Creditors").
The issuance of the shares to the creditors is subject to the approval
of the TSX Venture Exchange. All securities issued will be subject to a
four month hold period which will expire on the date that is four
months and one day from the date of issue.
As certain insiders participated in the debt settlement, it is
considered to be a "related party transaction" under Multilateral
Instrument 61-101 - Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). All of the independent directors of the
Company, acting in good faith, considered the transactions and have
determined that the fair market value of the securities being issued
to insiders and the consideration being paid is reasonable. The
Company intends to rely on the exemptions from the valuation and
minority shareholder approval requirements of MI 61-101 contained in
sections 5.5(b) and 5.7(b) of MI 61-101.
Global Energy Metals Corporation
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals is focused on offering investment exposure to
the raw materials deemed critical for the growing rechargeable
battery market, by building a diversified global portfolio of battery
mineral assets including project stakes and sector specific equity
positions. GEMC anticipates growing its business through the
acquisition and development of battery mineral projects alongside
key strategic partners. The Company holds 100% of the Millennium
Cobalt Project and two neighbouring discovery stage exploration-
stage cobalt assets in Mount Isa, Australia positioning it as a leading
cobalt-copper explorer and developer in the famed mining district in
Queensland, Australia. The Company is finalizing on the acquisition of
an 85% interest in two battery mineral projects, the Lovelock Cobalt
Mine and Treasure Box Project, located on the doorstep of the world’s
largest lithium-ion battery production plant, GigaNevada that Tesla
Motors Ltd. and partner Panasonic Corp. have built in Nevada, USA.
Additionally, the Company holds a 70% interest in the past-producing
Werner Lake Cobalt Mine project in Ontario, Canada.
For Further Information:
Global Energy Metals Corporation
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
Email: [email protected]
t. + 1 (604) 688-4219 extensions 236/237
Twitter: @EnergyMetals | @USBatteryMetals|@ElementMinerals
Cautionary Statement on Forward-Looking Information:
Certain information in this release may constitute forward-looking
statements under applicable securities laws and necessarily involve
risks associated with regulatory approvals and timelines. Although
Global Energy Metals believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements. Except as required by law, the Company
undertakes no obligation to update these forward-looking statements
in the event that management’s beliefs, estimates or opinions, or
other factors, should change. For more information on Global Energy
and the risks and challenges of their businesses, investors should
review the filings that are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
We seek safe harbour.